WASHINGTON, D.C. — In a decisive move to curb Russia’s military aggression against Ukraine, the U.S. Department of the Treasury and the Department of State on Friday announced a sweeping new set of sanctions targeting nearly 400 individuals and entities. This action aims to dismantle networks that sustain Russia’s war machinery and circumvent international sanctions, reinforcing the United States’ steadfast support for Ukraine.
These sanctions extend to entities across Russia and international locations, including Asia, Europe, and the Middle East. They focus on disrupting the flow of resources to Russia’s military-industrial complex. Deputy Secretary of the Treasury Wally Adeyemo stated, “Russia has turned its economy into a tool in service of the Kremlin’s military industrial complex.” The sanctions seek to break down these supply chains and financial networks, aligning with commitments made by President Biden and the G7 to weaken Russia’s ability to sustain its military operations.
The targeted networks are involved in procuring ammunition and military materials, facilitating sanctions evasion for oligarchs, laundering gold for sanctioned Russian companies, and supporting Russia’s military efforts with critical equipment. This comprehensive approach not only targets those directly supplying Russia’s military needs but also aims to cut off financial and logistical support that could aid in sanctions evasion.
Among the sectors affected, the sanctions hit Russia’s energy, metals, and mining industries, with specific focus on entities involved in producing and exporting vital resources. This move is intended to limit Russia’s revenue streams from these sectors, further isolating it economically.
The sanctions also address technological and cyber domains. Over 60 Russia-based technology and defense companies are now under sanction, being integral to sustaining Russia’s defense capabilities. These companies are involved in weapons development, automation, robotics, and advanced electronics, all crucial for military applications. The goal is to hinder the development and maintenance of Russia’s defense technology, while still allowing essential digital services for the Russian populace.
Additionally, the U.S. is focusing on Russian financial technology companies, recognizing their role in maintaining Russia’s financial operations during wartime. Companies like Atol, Centre of Financial Technologies Group, and Diasoft Ltd are now sanctioned for their contributions to Russia’s financial infrastructure.
Treasury’s actions are complemented by the State Department’s sanctions on entities linked to Russia’s energy sector, military logistics, and those implicated in the coercive “re-education” of Ukrainian children. This broad-based strategy underscores the U.S.’s intent to hold Russia accountable on multiple fronts.
The Treasury Department is aware of attempts by Russian financial institutions to establish new overseas branches to evade sanctions. It warns global regulators and financial institutions to be vigilant in their dealings with these entities. A range of tools remains available to counteract new evasion tactics.
This latest round of sanctions is part of a broader international effort to pressure Russia into ceasing its hostilities in Ukraine. It highlights the importance of international cooperation in enforcing economic measures designed to limit Russia’s capacity to wage war. By targeting these extensive networks, the U.S. aims to deter further aggression and support Ukraine’s sovereignty and independence.
The sanctions aim to reinforce the U.S.’s commitment to stand with Ukraine, promising continued support to ensure its defense against Russian aggression. As Secretary of State Antony Blinken emphasized, “The United States and the international coalition we have assembled will continue to stand with Ukraine.” This message of solidarity echoes across the globe, signaling unwavering support for Ukraine amidst ongoing conflict.
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